From Caijing Magazine:
Financial crisis? What financial crisis? Local governments across China simply can’t fathom the fuss. They’re not starved of credit. In fact, they’re enjoying a veritable financing feast.
Figurative chopsticks are digging deep into financing platforms offered by investment companies created by and operating inside local government offices, from city finance bureaus to local branches of the National Development and Reform Commission (NDRC).
These days, a single city hall may be sponsoring several financing platforms at once, perhaps one for construction projects and another for alternative energy programs. Investment vehicles are also doing business at provincial and township government levels.
